How creative vouchers can allocate public resources for innovation effectively

Purpose - The purpose is to assess the usefulness of creative vouchers, a specific kind of technology and innovation vouchers (small grants usually given to SMEs to acquire external knowledge) where the knowledge suppliers are creative firms such as design agencies. Design/methodology/approach - A multiple case analysis of four EU-funded pilot voucher schemes was carried out through project reports and semi-structured interviews with relevant stakeholders. Findings - The authors show that creative vouchers are effective policy instruments despite the limited amount of money involved because they trigger new innovation trajectories often in a serendipitous way. The authors also show that the quality of projects and satisfaction of the beneficiaries increase when both proposals and suppliers are screened. Research limitations/implications - The authors’ conclusions are based on four pilot projects in a specific region of the world (Western Europe). Though two of them were extended to a much bigger scale, their generalizability may be limited. Moreover, the limited number of cases does not permit an analytical evaluation of all the voucher schemes mechanisms. Practical implications - The findings of this paper can be very useful to policymakers designing voucher schemes and to the companies involved, whether they are providers or beneficiaries. In particular, the voucher allocation mechanisms may have a strong impact on the success of the program. Social implications - The innovation spurred by the collaboration with creative firms is generally neither energy-intensive nor capital intensive, but brain intensive, and this is the best way to leverage on the talent of local creative and make companies create value based on immaterial resources. Originality/value - To the authors’ knowledge, this is the first study of creative vouchers after Bakhsiet al., 2015, and the only one involving several schemes in different countries. It shows the innovation potential of such a little known policy instrument for SMEs. Moreover, it provides insight on how to design a voucher scheme in order to improve its effectiveness.